2006-12-09 03:24:08 · 5 answers · asked by MARTIN C 1 in Business & Finance ➔ Personal Finance
The only way is to refiance for a longer term. In the long run it will cost you more
2006-12-09 03:27:37 · answer #1 · answered by Larry m 6 · 0⤊ 0⤋
Your only option is to refinance at a lower interest rate and (for equity) make a larger down payment when you do. The only way to increase your equity is to pay over time or to pay down part of the loan.
Make sure you don't have an interest-only loan. That could be your problem.
Your rate of gain of equity will be very small to begin with (maybe one or two hundred dollars a month). This is to be expected. Eight months is not long enough to gain appreciable equity. And if you refinance, it resets; your rate of gain of equity will be small again.
Don't forget though you will likely lose a few thousand dollars in closing costs if you refinance; even if you get a no closing costs loan, they have to pay for it somehow so it gets rolled into the interest rate.
2006-12-09 11:36:18 · answer #2 · answered by ? 4 · 0⤊ 0⤋
visit www.WestCoastHomeMortgage.com and fill out an online application, or request a quote. We will be able to contact you within 24 hours with a new payment option.
2006-12-09 15:57:44 · answer #3 · answered by Anonymous · 0⤊ 0⤋
All you could do at this point is try to refinance at a lower interest rate...you may need to wait a while before they come down enough to be worth it.
2006-12-09 11:27:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋
At this point, there is really nothing that you can do since the value of your house has dropped.
2006-12-09 15:30:03 · answer #5 · answered by Anonymous · 0⤊ 0⤋